01402nas a2200169   4500008004100000245012600041210006900167260000900236300001200245490000700257520075500264653001201019100002201031700002001053700002401073856013501097       2014                        eng d00aThe Effect on Stockholder Wealth of Product Recalls and Government Action:  The Case of Toyota's Accelerator Pedal Recall0 aEffect on Stockholder Wealth of Product Recalls and Government A  c2014  a521-5280 v543 aWe analyze the effect of Toyota’s faulty accelerator pedal on stockholder wealth. Using the event study methodology, we show that a major recall in January of 2010 caused the company’s cumulative abnormal returns to fall by 19 percent. Continued concerns that Toyota was unable to identify and adequately fix the problem induced the National Highway Traffic Safety Administration to conduct its own investigation in March, 2010. The results of this government investigation exonerated the company and caused Toyota’s cumulative abnormal returns to rise by almost 9 percent. The Toyota case provides an opportunity to study a product recall with both company error and a government action that addressed concerns about the safety of the product.10aFinance1 aGokhale, Jayendra1 aBrooks, Raymond1 aTremblay, Victor, J  u/biblio/effect-stockholder-wealth-product-recalls-and-government-action-case-toyotas-accelerator-001258nas a2200169   4500008004100000245006800041210006600109260000900175300001200184490000700196520071400203653001200917100002000929700001700949700001600966856010600982       2014                        eng d00aWhat makes when-issued trading attractive to financial markets?0 aWhat makes whenissued trading attractive to financial markets  c2014  a245-2710 v233 aWhen-issued trading is the trading of securities prior to the actual issue of the security. When-issued trading is active around the world and in a variety of equity and bond markets. In this survey, we provide a general description of when-issued trading, analyze benefits and costs in various financial markets, present existing theoretical models and predictions, and synthesize empirical findings. We find that when-issued trading promotes price discovery, mitigates information asymmetry, provides convenience for trading ahead of the actual issue of the security, and in some markets reduces volatility. In addition, we offer policy implications and suggest directions for further research in this area.10aFinance1 aBrooks, Raymond1 aKim, Yong, H1 aYang, Jimmy  u/biblio/what-makes-when-issued-trading-attractive-financial-markets-000473nas a2200157   4500008004100000245004900041210004800090260000900138300001200147490000700159653001200166100002000178700001700198700001600215856008400231       2014                        eng d00aWhen-issued trading in the Indian IPO market0 aWhenissued trading in the Indian IPO market  c2014  a170-1960 v1910aFinance1 aBrooks, Raymond1 aMathew, Prem1 aYang, Jimmy  u/biblio/when-issued-trading-indian-ipo-market-201087nas a2200157   4500008004100000245005400041210005300095260000900148300001200157490000700169520061900176653001200795100002000807700001600827856008600843       2012                        eng d00aEmerging from bankruptcy with when-issued trading0 aEmerging from bankruptcy with whenissued trading  c2012  a445-4670 v473 aWe examine the set of firms that emerged from Chapter 11 bankruptcy and traded on a when-issued basis prior to their official return to the regular way in NASDAQ, Amex, or NYSE. We find that this when-issued market is liquid and price efficient. The when-issued closing price is a good indicator of the first closing price in the regular way market. Emerging firms that have when-issued trading experience lower regular way volatility and smaller relative spreads than those without when-issued trading. Our probit regressions show that firm size is an important determinant of the adoption of when-issued trading.10aFinance1 aBrooks, Raymond1 aYang, Jimmy  u/biblio/emerging-bankruptcy-when-issued-trading-100421nas a2200121   4500008004100000245005400041210005300095260001700148653001200165100002000177700001600197856008600213       2008                        eng d00aEmerging from Bankruptcy with When-Issued Trading0 aEmerging from Bankruptcy with WhenIssued Trading  aDallasc200810aFinance1 aBrooks, Raymond1 aYang, Jimmy  u/biblio/emerging-bankruptcy-when-issued-trading-201151nas a2200157   4500008004100000245009000041210006900131260000900200300001000209490000600219520059900225653001200824100002000836700001600856856012100872       2007                        eng d00aTeaching an Old Dog New Tricks: Using the Dividend Growth Model in Financial Planning0 aTeaching an Old Dog New Tricks Using the Dividend Growth Model i  c2007  a65-730 v63 aThe Dividend Growth Model is a standard pedagogical tool in pricing stocks where the dividend grows at a constant rate. However, few dividend policies conform to this restrictive pattern and therefore the model is often quickly discarded in finance classes. The constant growth assumption of a cash flow stream fits well with other financial problems such as saving for a college education or contributions to a pension plan. This paper presents a couple of applications for the Dividend Growth Model plus an extension to the model and belies the adage: you can’t teach an old dog new tricks.10aFinance1 aBrooks, Raymond1 aYang, Jimmy  u/biblio/teaching-old-dog-new-tricks-using-dividend-growth-model-financial-planning-001528nas a2200157   4500008004100000245009200041210006900133260000900202300001200211490000700223520096600230653001201196100002001208700002201228856012001250       2004                        eng d00aThe Interaction between Opening Call Auctions and Ongoing Trade: Evidence from the NYSE0 aInteraction between Opening Call Auctions and Ongoing Trade Evid  c2004  a341-3560 v133 aWe investigate the impact that the opening batch has on trading for the remainder of the day and what impact the prior day's trading has on the subsequent day's open. Traders have an interest in these trading impacts as their trades may cluster around opening and closing time periods. We find that the larger the volume in the opening batches, the greater the volume across the day. We also find the prior day's volume being positively related to the subsequent day's opening volume. Combined, these results suggest a continuing pattern of trade volume rolling from one day to the next. Additionally, we find that the spread in the continuous market can be partially attributed to the price change in the opening batch. We also find evidence of opening trade price reversals. Combined with the absence of price reversals following the opening trade, we conclude that the opening process may be more efficient at handling information than the continuous market.10aFinance1 aBrooks, Raymond1 aMoulton, Jonathan  u/biblio/interaction-between-opening-call-auctions-and-ongoing-trade-evidence-nyse-001360nas a2200169   4500008004100000245008500041210006900126260000900195300001200204490000700216520078200223653001201005100001701017700002001034700001701054856011901071       2004                        eng d00aWhen-Issued Shares, Small Trades and the Variance of Returns around Stock Splits0 aWhenIssued Shares Small Trades and the Variance of Returns aroun  c2004  a415-4330 v273 aThe increases in volatility after stock splits have long puzzled researchers. The usual suspects of discreteness and bid-ask spread do not provide a complete explanation. We provide new clues to solve this mystery by examining the trading of when-issued shares that are available before the split. When-issued trading permits noise traders to compete with a more homogenous set of traders, decreasing the volatility of the stock before the split. Following the split, these noise traders reunite in one market and volatility increases. Thus, the higher volatility after the ex date of a stock split is a function of the introduction of when-issued trading, the new lower price level after the split date, and the increased activity of small-volume traders around a stock split.10aFinance1 aAngel, James1 aBrooks, Raymond1 aMathew, Prem  u/biblio/when-issued-shares-small-trades-and-variance-returns-around-stock-splits-001086nas a2200169   4500008004100000245005900041210005900100260000900159300001200168490000700180520057500187653001200762100002000774700001600794700001200810856009400822       2003                        eng d00aHow the Equity Market Responds to Unanticipated Events0 aHow the Equity Market Responds to Unanticipated Events  c2003  a109-1330 v763 aWe examine the market reaction of prices, volume, spreads, and trading location when firms experience events that are totally unanticipated by the equity market in terms of both timing and content. We find that the response time is longer than previous studies have reported. Selling pressure, wider spreads, and higher volume remain significant for over an hour. We also find an immediate price reaction for overnight events; however, the market takes longer to react to events that occur when it is open. These findings may shed light on the efficacy of trading halts.10aFinance1 aBrooks, Raymond1 aPatel, Ajay1 aSu, Tie  u/biblio/how-equity-market-responds-unanticipated-events-000501nas a2200109   4500008004100000245009900041210006900140260002000209653001200229100002000241856013000261       2003                        eng d00aTeaching an Old Dog New Tricks: Using the Dividend Growth Model in Financial Planning Problems0 aTeaching an Old Dog New Tricks Using the Dividend Growth Model i  aSt. Louisc200310aFinance1 aBrooks, Raymond  u/biblio/teaching-old-dog-new-tricks-using-dividend-growth-model-financial-planning-problems-001320nas a2200169   4500008004100000245009200041210006900133260000900202300001200211490000700223520073100230653001200961100002000973700001700993700002001010856012001030       2001                        eng d00aThe Performance of Firms Before and After They Adopt Accounting-Based Performance Plans0 aPerformance of Firms Before and After They Adopt AccountingBased  c2001  a205-2220 v413 aThis paper examines the long-run performance of firms before and after they adopt accounting-based performance plans. We test if the change in compensation policy is a response to a prior performance problem or is a signal to the market that firm performance will improve over current performance levels. Our findings are consistent with the signaling hypothesis. Stock prices increase at the announcement of the adoption of a performance plan apparently signaling previously private information regarding improved future performance. A related benefit of adoption may well be a better incentive-alignment contract for managers and shareholders but the strongest evidence points to a credible disclosure of future performance.10aFinance1 aBrooks, Raymond1 aMay, Don, O.1 aMishra, Chandra  u/biblio/performance-firms-and-after-they-adopt-accounting-based-performance-plans-001300nas a2200157   4500008004100000245010400041210006900145260000900214300001000223490000600233520072500239653001200964100002000976700001600996856013001012       2000                        eng d00aInformation Conveyed by Seasoned Security Offerings: Evidence from Components of the Bid-Ask Spread0 aInformation Conveyed by Seasoned Security Offerings Evidence fro  c2000  a83-990 v93 aWe examine the relationship between the degree of informational asymmetry surrounding a firm and the equity market's reaction to a firm's announcement to sell seasoned securities. We use the adverse-selection component of the bid”ask spread as a proxy for the informational asymmetry of a firm. For equity offers, we find that the greater the change in information asymmetry at announcement, the greater the decline in wealth. In addition, the largest decline in wealth for seasoned equity announcements is observed for firms with the largest level of pre-event adverse-selection components. For debt offers, the wealth decline is only significant for firms with the largest pre-event levels of asymmetric information.10aFinance1 aBrooks, Raymond1 aPatel, Ajay  u/biblio/information-conveyed-seasoned-security-offerings-evidence-components-bid-ask-spread-000539nas a2200121   4500008004100000245010100041210006900142260002300211653001200234100002000246700002200266856012900288       2000                        eng d00aThe Interaction between Opening Call Auctions and Ongoing Trade: Evidence from the NYSE and AMEX0 aInteraction between Opening Call Auctions and Ongoing Trade Evid  aMyrtle Beachc200010aFinance1 aBrooks, Raymond1 aMoulton, Jonathan  u/biblio/interaction-between-opening-call-auctions-and-ongoing-trade-evidence-nyse-and-amex-100499nas a2200145   4500008004100000245006700041210006400108260000900172300001000181490000600191653001200197100002000209700002000229856010400249       2000                        eng d00aA Statistical Assessment of Accounting-Based Performance Plans0 aStatistical Assessment of AccountingBased Performance Plans  c2000  a68-730 v910aFinance1 aBrooks, Raymond1 aMishra, Chandra  u/biblio/statistical-assessment-accounting-based-performance-plans-000538nas a2200121   4500008004100000245010100041210006900142260002200211653001200233100002000245700002200265856012900287       1999                        eng d00aThe Interaction between Opening Call Auctions and Ongoing Trade: Evidence from the NYSE and AMEX0 aInteraction between Opening Call Auctions and Ongoing Trade Evid  aOrlando, FLc199910aFinance1 aBrooks, Raymond1 aMoulton, Jonathan  u/biblio/interaction-between-opening-call-auctions-and-ongoing-trade-evidence-nyse-and-amex-201480nas a2200169   4500008004100000245009100041210006900132260000900201300001200210490000700222520089200229653001201121100002001133700001701153700001201170856012801182       1999                        eng d00aLarge Price Movements and Short-Lived Changes in Spreads, Volume, and Selling Pressure0 aLarge Price Movements and ShortLived Changes in Spreads Volume a  c1999  a303-3160 v393 aIn this paper we examine changes in dollar and relative bid-ask spreads of stocks following large price movements. We investigate large increases and decreases separately and link our results to current market microstructure theories on trading activities and spreads. We also look at changes in volume and selling pressure to interpret the changes in trading activity. Our results show that the market reacts differently to price increases and decreases. For large price decreases, trading increases on the sell side even when spreads have increased. For large price increases, trading increases on the buy side during a period of higher spreads. However, the increases in dollar spreads and price pressure are most pronounced at the end of trading day. Our results are consistent with microstructure models that link trading activities and costs to the level of asymmetric information.10aFinance1 aBrooks, Raymond1 aPark, Jinwoo1 aSu, Tie  u/biblio/large-price-movements-and-short-lived-changes-spreads-volume-and-selling-pressure-000543nas a2200133   4500008004100000245008600041210006900127260002300196653001200219100002000231700002100251700001700272856012000289       1999                        eng d00aWhen-Issued Shares, Small Traders and the Variance of Returns around Stock Splits0 aWhenIssued Shares Small Traders and the Variance of Returns arou  aNew York, NYc199910aFinance1 aBrooks, Raymond1 aAngel, James, J.1 aMathew, Prem  u/biblio/when-issued-shares-small-traders-and-variance-returns-around-stock-splits-000508nas a2200145   4500008004100000245006900041210006700110260000900177300001000186490000600196653001200202100002000214700002400234856010400258       1997                        eng d00aCEO Presentations to Financial Analysts: Much Ado About Nothing?0 aCEO Presentations to Financial Analysts Much Ado About Nothing  c1997  a19-280 v710aFinance1 aBrooks, Raymond1 aJohnson, Marilyn, F  u/biblio/ceo-presentations-financial-analysts-much-ado-about-nothing00532nas a2200145   4500008004100000245008700041210006900128260000900197300001200206490000700218653001200225100002000237700001800257856011100275       1997                        eng d00aThe Individual Investor and the Weekend Effect: A Reexamination with Intraday Data0 aIndividual Investor and the Weekend Effect A Reexamination with   c1997  a725-7370 v3710aFinance1 aBrooks, Raymond1 aKim, Hongshik  u/biblio/individual-investor-and-weekend-effect-reexamination-intraday-data00516nas a2200145   4500008004100000245008100041210006900122260000900191300001200200490000700212653001200219100002000231700001200251856010700263       1997                        eng d00aA Simple Cost Reduction Strategy for Liquidity Traders: Trade at the Opening0 aSimple Cost Reduction Strategy for Liquidity Traders Trade at th  c1997  a525-5400 v3210aFinance1 aBrooks, Raymond1 aSu, Tie  u/biblio/simple-cost-reduction-strategy-liquidity-traders-trade-opening00492nas a2200133   4500008004100000245007700041210006900118260000900187300001200196490000700208653001200215100002000227856011100247       1996                        eng d00aChanges in Asymmetric Information at Earnings and Dividend Announcements0 aChanges in Asymmetric Information at Earnings and Dividend Annou  c1996  a359-3780 v2310aFinance1 aBrooks, Raymond  u/biblio/changes-asymmetric-information-earnings-and-dividend-announcements00586nas a2200145   4500008004100000245012000041210006900161260000900230300001200239490000700251653001200258100002000270700001700290856013300307       1996                        eng d00aPerformance of Stoll's Spread Component Estimator: Evidence from Simultaions, Time-Series, and Cross-Sectional Data0 aPerformance of Stolls Spread Component Estimator Evidence from S  c1996  a459-4760 v2910aFinance1 aBrooks, Raymond1 aMasson, Jean  u/biblio/performance-stolls-spread-component-estimator-evidence-simultaions-time-series-and-cross00487nas a2200145   4500008004100000245006600041210006300107260000900170300001200179490000700191653001200198100002000210700002200230856008900252       1995                        eng d00aA Bias in Closing Prices: The Case of the When Issued Anomaly0 aBias in Closing Prices The Case of the When Issued Anomaly  c1995  a441-4540 v3010aFinance1 aBrooks, Raymond1 aChiou, Shur-Nuann  u/biblio/bias-closing-prices-case-when-issued-anomaly00463nas a2200133   4500008004100000245006300041210006200104260000900166300001200175490000700187653001200194100002000206856010300226       1994                        eng d00aBid-Ask Spread Components Around Anticipated Announcements0 aBidAsk Spread Components Around Anticipated Announcements  c1994  a375-3860 v2710aFinance1 aBrooks, Raymond  u/biblio/bid-ask-spread-components-around-anticipated-announcements00408nas a2200133   4500008004100000245004500041210004400086260000900130300001200139490000600151653001200157100002000169856008500189       1994                        eng d00aDividen Predicting Using Put-Call Parity0 aDividen Predicting Using PutCall Parity  c1994  a373-3920 v310aFinance1 aBrooks, Raymond  u/biblio/dividen-predicting-using-put-call-parity